Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Jul. 31, 2020
Lessee Disclosure [Abstract]  
Leases Leases
We lease approximately 88,600 square feet of office and classroom space in the Phoenix (metropolitan area), San Diego, New York City, Denver, Austin and Moncton, New Brunswick Canada.
Operating lease assets are right of use assets ("ROU assets"), which represent the right to use an underlying asset for the lease term. Operating lease liabilities represent the obligation to make lease payments arising from the lease. Operating leases are included in "Operating lease right of use asset, net", "Operating lease obligations, current portion" and "Operating lease obligations" in the consolidated balance sheet at July 31, 2020.  These assets and lease liabilities are recognized based on the present value of remaining lease payments over the lease term. When the lease does not provide an implicit interest rate, the Company uses an incremental borrowing rate of 12% to determine the present value of the lease payments. The right-of-use asset includes all lease payments made and excludes lease incentives. Lease expense for operating leases is recognized on a straight-line basis over the lease term. There are no variable lease payments. Lease expense for the three month period ended July 31, 2020 was $397,238. These costs are primarily related to long-term operating leases, but also include amounts for short-term leases with terms greater than 30 days that are not material.
ROU assets is summarized below:
July 31, 2020
Operating office leases $ 12,356,837 
Less accumulated reduction (5,092,253)
Balance of ROU assets as of July 31, 2020 $ 7,264,584 
Operating lease obligations, related to the ROU assets is summarized below:
July 31, 2020
Operating office leases $ 13,312,573 
Total lease liabilities 13,312,573 
Reduction of lease liabilities (5,092,253)
Total as of July 31, 2020 $ 8,220,320 
The following is a schedule by fiscal years of future minimum lease payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of July 31, 2020 (a).
Maturity of Lease Obligations Lease Payments
2021 (remaining) $ 1,809,774 
2022 2,253,619 
2023 1,703,419 
2024 1,466,758 
2025 1,134,718 
2026 and beyond 3,536,443 
Total future minimum lease payments 11,904,731 
Less imputed interest (3,684,411)
Present value of operating lease obligations $ 8,220,320 
(a) Lease payments exclude legally binding minimum lease payments for campus leases signed but not yet commenced for the following locations: $10.2 million in Tampa, Florida, $5.2 million in Phoenix, Arizona, and $4.3 million in Austin, Texas.

Balance Sheet Classification
Operating lease obligations, current $ 1,542,754 
Operating lease obligations, long-term 6,677,566 
Total operating lease obligations $ 8,220,320 

Other Information
Weighted average remaining lease term (in years) 6.36
Weighted average discount rate 12.00  %